Spotlight

Indian markets are expected to trade with a cautiously positive bias as diplomatic progress in the U.S.–Iran negotiations continues to support investor sentiment. Comments from the U.S. Vice President that there is a "good foundation" for finalising the proposed agreement have reinforced optimism that talks remain on a constructive path, bolstering hopes of a lasting resolution in the Middle East.
 
Brent crude continues to trade near the $74–75 per barrel range, providing a favourable backdrop for the Indian economy. The sustained softness in oil prices remains a key positive, helping strengthen the country's external balances, support growth prospects and alleviate cost pressures across the broader economy.
 
Investor attention will also be focused on the ongoing India–U.S. trade negotiations, with India seeking tariff concessions as part of efforts to finalise a bilateral trade agreement. U.S. Trade Representative Jamieson Greer is expected to visit India this week for discussions with Commerce Minister Piyush Goyal, with any progress likely to be viewed positively by markets given its potential to strengthen trade ties and support long-term economic growth.

Technical view

Nifty 50

Nifty 50 continues to trade with a constructive bias, holding firmly above its key support levels despite intermittent profit booking. From a technical perspective, the 24,200 level continues to act as the immediate resistance zone. A sustained breakout above this level would reinforce bullish momentum and could pave the way for a further advance towards the 24,400 region.
 
On the downside, the 24,000–23,900 region continues to serve as a crucial support zone. Holding above this range will be essential to preserve the prevailing recovery structure and maintain the positive undertone. However, a decisive break below 23,900 could trigger fresh profit booking and expose the index to further downside towards the 23,800 support region. Momentum indicators continue to support the positive bias, with the RSI hovering near the 60 mark, reflecting strengthening buying momentum and improving market participation. Overall, the near-term technical outlook remains constructively bullish. While the broader trend continues to favour the bulls, a sustained breakout above the 24,200 resistance level will be required to confirm stronger upside momentum and support the continuation of the ongoing recovery.

Bank Nifty

Bank Nifty continues to outperform the broader market and remains well positioned above its key support levels, reflecting sustained buying interest in the banking space. From a technical perspective, the 58,000 psychological mark continues to act as the immediate resistance level. A sustained breakout above this zone would strengthen bullish momentum and could extend the rally towards the 58,300–58,500 region, which remains the next significant upside target.
 
On the downside, a sustained break below the 57,700 level could trigger fresh profit booking and drag the index towards the 57,500–57,400 support region.  Overall, the near-term technical outlook remains cautiously bullish. As long as Bank Nifty sustains above its key support levels, the broader uptrend is likely to remain intact. However, a sustained breakout above the 58,000 resistance level will be required to confirm stronger upside momentum and support a move towards higher resistance levels.